sebi:AO/SM-LS/ERO/21/2016
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Facts / Headnote
Penalty imposed on Noticee under Section 15HB of SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- Noticee (unnamed in text)
Holding
The Noticee was held liable for failing to obtain SCORES authentication as required by SEBI circulars, and a penalty of Rs. 1,50,000 was imposed under Section 15HB of the SEBI Act.
Full text
Page 2 of 5 15HB of SEBI Act for the alleged violation of SEBI circular by the Noticee. Pursuant to the transfer of Shri S V Krishanmohan, the undersigned was appointed as Adjudicating Officer vide Order dated June 22, 2015.
Page 3 of 5 b) Does the violation, if any, on the part of the Noticee attract monetary penalty under Section 15 HB of the SEBI Act? c) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in Section 15J of the SEBI Act?
Page 4 of 5 time stipulated by SEBI. However, the appellant has consistently failed and neglected to comply with the directions of SEBI and it is only when SEBI initiated penalty proceedings, the appellant chose to comply with the directions of SEBI. Therefore, in the facts of the present case appellant deserved higher penalty. However, after taking all the factors set out by the appellant as mitigating factors, the adjudicating officer of SEBI has imposed nominal penalty of Rs. 1,50,000/- as against the imposable penalty of Rs. 1 crore. In such a case, it cannot be said that the penalty imposed is excessive or unreasonable”
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Source: SecMarx — sebi:AO/SM-LS/ERO/21/2016. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.